Divorce is a stressful time and will impact your life dramatically as well as your finances.
Most people seek expert help from a lawyer or solicitor when getting divorced. However, it is also important to consider involving a financial adviser in the process as well.
A Financial Adviser can make sure you don’t overlook your pension in divorce
It is common for many people to focus on the family home during a divorce and not think about what is likely to be their second largest asset – their pension. 85% of people did not know that their pension could be impacted if they got divorced*.
If you overlook your pension and lose a lot of your retirement savings in a divorce, then you could find yourself with less income than you need at retirement.
A financial adviser will make sure that you get a fair share of any of your own existing pensions. However, if you were the main breadwinner and your partner has not contributed to their own pension, they will be entitled to a portion of your pension.
Rebuild your finances after divorce
Divorce is likely to impact your finances, your income and your financial goals dramatically.
During or after a divorce, you would benefit from sitting down with a financial adviser at Four Wealth Management and reassessing your financial situation and creating a plan for the future.
A solicitor or lawyer will simply help you to work out how your finances will be split with your ex, whereas a financial adviser can help you to rebuild your finances after a divorce and establish new financial goals.
At Four Wealth Management, one of our financial advisers will be able to help you adjust to a new income, create a budget, and establish an emergency cash reserve. They can then help you create a long-term financial plan to help get you back on track and rebuild your financial future.
Book a no-obligation meeting online or call 0117 973 0500
Take control of your divorce now
You don’t need to wait until your divorce is finalised to speak to a financial adviser. It is often more beneficial for you to speak to them during the process so you can get a thorough understanding of all of your options. This will help you to decide what is right for you.
Book a no-obligation meeting online now or call us on 0117 973 0500
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are dependent on individual circumstances.
*Aviva, ‘Thousands Risk Pension Poverty After Divorce’, 1008 respondents, May 2022
